Australian Broker Call

UBS rates ADH as Buy (1) -

Adairs has issued an after-market profit warning, downgrading FY17 guidance to 29% below the broker's forecast. Low single digit sales growth is now expected rather than mid single digit.

The downgrade is not due to external factors, but due to a bad punt on bed linen fashions, the broker notes. The company is stuck with designs it can't move. Fashion is always a risk, the broker concedes, but the scale of the downgrade is surprising.

Buy rating and $3.40 target unchanged for now pending a discussion with management.

Target price is $3.40 Current Price is $2.55 Difference: $0.85
If ADH meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AWC as Underperform (5) -

The de-merger of the upstream business of Alcoa has been completed. Macquarie observes recent in alumina and aluminium prices have reduced the risk of smelter closures in the near term.

However, the broker suspects Portland and Alcoa's Spanish smelters will still close. In the broker's opinion the changes to the joint venture triggered by Alcoa are only incrementally positive for Alumina Ltd.

Underperform rating and $1.00 target retained.

Target price is $1.00 Current Price is $1.55 Difference: minus $0.55 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.39, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates BXB as Buy (1) -

Citi analysts see the divestment of the Aerospace business the result of management's focus to deploy capital more effectively and deliver greater return to shareholders. After this sale, which will add to a net positive one-off this financial year, the analysts do not anticipate any further divestments.

Citi analysts make no changes to valuation or rating (Buy) for the stock, believing the present share price does not accurately reflect what they believe is a strong earnings growth outlook for the company, driven by strong market positions in each of the core markets in which it operates. Target $15.20.

Target price is $15.20 Current Price is $11.31 Difference: $3.89
If BXB meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $13.31, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates BXB as Buy (1) -

Brambles will divest its CHEP Aerospace Solutions business for US$130 million. Deutsche Bank believes this is a positive step given the small scale of the business and little obvious synergy with the rest of Brambles.

All in all, expectations regarding this business simply have not been met, point out the analysts. Buy rating retained, as well as the $14.40 price target.

Target price is $14.40 Current Price is $11.31 Difference: $3.09
If BXB meets the Deutsche Bank target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $13.31, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates BXB as Hold (3) -

Brambles intends to divest its CHEP Aerospace Solutions business for US$130m. This is only a small part of the company's business, Morgans observes, but the transaction is further evidence of the focus on improving returns and allocating capital efficiently.

The broker reduces FY17 EBITDA by 2% on the back of FX updates and the removal of this business from earnings forecasts. Hold rating is retained. Target is lowered to $11.91 from $12.44.

Target price is $11.91 Current Price is $11.31 Difference: $0.6
If BXB meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.31, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates CSL as Neutral (3) -

Three products that do not take the CSL spotlight are a shingles vaccine, Gardasil HPV royalites and the Australian imported IVIG contract, all being modest earnings contributors. But the broker suggests these overlooked products may together account for 25% of FY17 growth.

The broker retains Neutral and a $112.50 target, noting it is more conservative than consensus on the outlook for haemophilia products.

Target price is $112.50 Current Price is $97.49 Difference: $15.01
If CSL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $109.00, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CSR as Buy (1) -

Citi analysts saw a high quality 1H17 result plus they're taking further guidance from company management's confidence in visibility and strong outlook for the building products operations. This despite market concerns about a peak in the cycle, the analysts note.

The analysts retain their Buy rating, with increased target price of $4.30 (previously $4.07). They anticipate market consensus is cum upgrade post the interim report. Citi's own estimates have been lifted too, including DPS forecasts.

Target price is $4.30 Current Price is $3.91 Difference: $0.39
If CSR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates CSR as Neutral (3) -

Credit Suisse finds it hard to fault the company's first half result and the performance of the building products and Viridian glass divisions. Strong momentum is expected to continue in the second half, as a large backlog of residential construction should support volumes.

The broker envisages potential to exceed the top end of guidance. Credit Suisse raises 2017-19 estimates of earnings per share by 1.5-6%. Neutral rating retained. Target price moves up to $3.75 from $3.60.

Target price is $3.75 Current Price is $3.91 Difference: minus $0.16 (current price is over target).
If CSR meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates CSR as Buy (1) -

First half results were ahead of expectations. Deutsche Bank notes the significant improvement in building product earnings. The broker has increased confidence in management's ability to deliver on FY18 margin expansion.

Hence, the broker suggests there is significant upside to consensus expectations even after the likely upgrades in the wake of the results.

The broker continues to rate CSR as a Buy. Target rises to $5.06 from $4.04.

Target price is $5.06 Current Price is $3.91 Difference: $1.15
If CSR meets the Deutsche Bank target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CSR as Underperform (5) -

First half results were ahead of Macquarie's expectations. Building products and Viridian Glass were better than expected while the aluminium division was affected by lower realised pricing and sales volumes.

The broker adjusts FY17 and FY18 earnings per share estimates up by 8% and 15.4% respectively. CSR continues to execute at this point in the housing cycle but the broker is concerned about the housing activity rolling over and the headwinds in aluminium.

Underperform. Target rises to $3.60 from $3.10.

Target price is $3.60 Current Price is $3.91 Difference: minus $0.31 (current price is over target).
If CSR meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CSR as Underweight (5) -

First-half profit was 8% ahead of Morgan Stanley's expectations. Building products and Viridian Glass were better than expected. Management has guided to the top end of the current consensus range of FY17 forecasts at $154-184m.

Morgan Stanley estimates that around $5m of this improvement in expectations is from full ownership of east coast bricks assets from November 1, 2016. The majority of the remaining potential upside, relative to the broker's forecast, is expected to come through better hedging in aluminium.

Underweight and In-Line sector view retained. Target is raised to $3.21 from $3.09.

Target price is $3.21 Current Price is $3.91 Difference: minus $0.7 (current price is over target).
If CSR meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CSR as Upgrade to Hold from Lighten (3) -

Ord Minnett notes the building products division benefited from its leverage to the resilient east coast residential cycle in the first half. The broker now expects CSR to maintain its current level of earnings out to FY18.

Building products demand is expected to remain elevated next year. The broker notes management is looking at initiatives to soften the blow when the cycle eventually turns. These initiatives include opportunities to save on costs and a continuation of the search for new cladding products to distribute to the domestic network.

Target is raised to $3.75 from $3.50 and Ord Minnett envisages limited downside to the target, raising its rating to Hold from Lighten.

Target price is $3.75 Current Price is $3.91 Difference: minus $0.16 (current price is over target).
If CSR meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.95, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CWN as Buy (1) -

Citi analysts have further reduced expectations for Crown's VIP operations. Note that the analysts recently visited China. Citi's updated forecasts are for a decline of -26%/-7% YoY in VIP revenues in FY17/18.

Irrespective, the analysts find today's share price represents "compelling" value. Buy rating retained. Target falls to $14.45 from $15.10.

Target price is $14.45 Current Price is $10.73 Difference: $3.72
If CWN meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $13.51, suggesting upside of 27.2% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates DMP as Overweight (1) -

Morgan Stanley reviews its model for Domino's Pizza, assessing franchisee and corporate profitability. The broker is confident both will grow significantly. Europe remains a key value driver.

The broker notes the company's system EBITDA margins are in line with global peers. Moreover, the more fragmented franchisee base versus its peers enables Domino's Pizza to generate a higher share of system profitability.

Price target rises to $95 from $80. Overweight. Sector view is In-Line.

Target price is $95.00 Current Price is $61.55 Difference: $33.45
If DMP meets the Morgan Stanley target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $77.03, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ECX as Neutral (3) -

Citi analysts label the FY16 report "largely in-line", though they mildly reduce core eps estimates, while slightly cutting their price target to $4.13 from $4.20. Neutral rating retained.

The explanation for the above seems to be company guidance for FY17 which is for NPATA of $65.5m-$67.0m. Citi had a higher number in its modeling. The analysts do think guidance is likely to be beaten, plus there are likely more acquisitions on the horizon.

Target price is $4.13 Current Price is $3.80 Difference: $0.33
If ECX meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates ECX as Outperform (1) -

FY16 results were strong and at the top end of guidance. Credit Suisse also observes the FY17 outlook is supportive of market expectations.

The company appears to be taking share from competitors while maintaining discipline. In particular, the broker notes, in the key area of setting residual values.

The broker believes the company has the momentum necessary to meet FY17 targets. Outperform rating retained. Target rises to $4.25 from $4.10.

Target price is $4.25 Current Price is $3.80 Difference: $0.45
If ECX meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates ECX as Buy (1) -

FY17 results were in line with Deutsche Bank. The broker highlights the growth in new business and good cost discipline.

The broker believes the strong funding position supports the company's growth ambitions, with upside risk to earnings estimates from winning new clients.

Buy rating and $4.50 target retained.

Target price is $4.50 Current Price is $3.80 Difference: $0.7
If ECX meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ECX as Outperform (1) -

FY16 net profit was in line with Macquarie's expectations. FY17 net profit guidance is $65.5-67m, up 18 to 21%.

The broker observes the new management team has built substantial momentum from new business and this should mean the company grows earnings into the medium term.

Outperform recommendation retained. Target edges up to $4.22 from $4.20.

Target price is $4.22 Current Price is $3.80 Difference: $0.42
If ECX meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ECX as Buy (1) -

Eclipx' FY16 result was in line with the broker. FY17 guidance is a tad short but the broker expects mid single digit organic growth in FY18-20 driven by fleet business wins, along with further cost-outs.

A roll forward of valuation leads to a target price increase to $4.00 from $3.84. Buy retained.

Target price is $4.00 Current Price is $3.80 Difference: $0.2
If ECX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates HVN as Sell (5) -

Citi analysts note Harvey Norman franchisee like-for-like sales growth has moderated to 5.4% in 1Q17. This, the analysts add, is consistent with the moderating housing activity cycle in Australia.

The analysts also assume sales have benefited from Dick Smith's demise and The Good Guys uncertainty, while inventory liquidation by Masters would have impacted appliances sales during September.

Harvey Norman will be cycling a strong final quarter for the calendar year, point out the analysts. Citi continues to see cyclical risk to the downside over the next twelve months. This is why the stock continues to be rated Sell. Price target unchanged at $4.60.

Target price is $4.60 Current Price is $4.93 Difference: minus $0.33 (current price is over target).
If HVN meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.19, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates HVN as Underperform (5) -

First-quarter pre-tax profit was up 26%. Credit Suisse observes the outlook is dominated by the housing cycle and above-cycle growth is expected in Australasia throughout the first half, with a return to trend subsequently for sales revenue and profitability.

Underperform rating and $4.97 target retained.

Target price is $4.97 Current Price is $4.93 Difference: $0.04
If HVN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates HVN as Buy (1) -

Sales growth in the September quarter was strong, with Australian franchisee sales up 5.4%. Deutsche Bank also notes NZ sales growth was very strong at 8.2% on a constant currency basis.

The broker believes Harvey Norman is gaining significant market share and remains comfortable in the sales outlook, yet highlights that September is a small month and Harvey Norman's growth is below that of JB Hi-Fi ((JBH)).

Buy rating retained. Target is $6.00.

Target price is $6.00 Current Price is $4.93 Difference: $1.07
If HVN meets the Deutsche Bank target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates HVN as Neutral (3) -

September quarter aggregated sales were up 6.6%. Macquarie believes the company is well-placed for earnings growth as the housing cycle prevails and transfer of market share continues.

The broker envisages some risk that the market share movement could overstate underlying growth trends but still believes the high dividend yield over the medium term should support the share price. Neutral maintained. Target is steady at $5.38.

Target price is $5.38 Current Price is $4.93 Difference: $0.45
If HVN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates HVN as Underweight (5) -

First-quarter trading was strong, with pre-tax profit up 26%. Nevertheless, Morgan Stanley believes, as it starts to lap more difficult comparable periods and when the housing market turns down, earnings growth should fade.

On this basis the broker suggests the current trading multiple is full. Underperform retained. Target is $4.70. Sector view In-Line.

Target price is $4.70 Current Price is $4.93 Difference: minus $0.23 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.19, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates HVN as Hold (3) -

First quarter sales growth was 6.5%, like-for-like. Despite the positives from sales growth, margin expansion and increasing shareholder pay-outs, Ord Minnett maintains a Hold recommendation as it believes there is only modest valuation support.

Target is lowered to $5.00 from $5.50.

Target price is $5.00 Current Price is $4.93 Difference: $0.07
If HVN meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates HVN as Buy (1) -

Harvey Norman recorded a 26% jump in Sep Q profit when the broker has forecast a first half run rate of 9%, on a 5.4% jump in like-for-like sales. The broker suggests continued strength in housing should provide for consensus forecast upside.

Indeed, material upside is on offer, the broker believes, from a housing tailwind into 2018, improved execution in the business and consolidation in the industry. Buy and $5.70 target unchanged.

Target price is $5.70 Current Price is $4.93 Difference: $0.77
If HVN meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IFL as Neutral (3) -

It appears the company, under criticism for (alleged) unscrupulous behaviour by some operators in the past, has used its investor presentation to put the emphasis on building a new, client-centric culture.

Citi analysts applaud the move, but they also find it difficult to translate such intangible into cold hard financial numbers. They also note management hasn't given up on adding more acquisitions. Neutral. Target $8.20.

Target price is $8.20 Current Price is $8.08 Difference: $0.12
If IFL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates IGO as Neutral (3) -

First-quarter production was strong, Credit Suisse observes, with all mines delivering at, or better than, guidance. Nova has now produced its first nickel and copper concentrate, six weeks ahead of schedule.

Credit Suisse believes the downside risk is modest, given that at current nickel prices around 50% of nickel producers are loss-making.Target is raised to $4.35 from $3.70. Neutral retained.

Target price is $4.35 Current Price is $4.28 Difference: $0.07
If IGO meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates JHX as Upgrade to Hold from Lighten (3) -

The company's stock price has declined 11% since the first quarter result, underperforming the broader market benchmark by around 5.9 percentage points, Ord Minnett observes.

The broker attributes the decline in part to headlines associated with the moderation of housing starts growth in the US in recent months. As the share price is now trading in line with the target, the broker upgrades to Hold from Lighten. $18.60 target retained.

Target price is $18.60 Current Price is $18.83 Difference: minus $0.23 (current price is over target).
If JHX meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.58, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates MNS as Outperform (1) -

Marc Vogts and Peter Sarantzouklis have been appointed to the company’s board as non-executive directors.

The experience of the appointments alleviates Macquarie's previous worries about the Nachu project to some extent, which remains a unique opportunity.

The broker retains Outperform and a $1.70 target.

Target price is $1.70 Current Price is $0.62 Difference: $1.08
If MNS meets the Macquarie target it will return approximately 174% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates NAN as Add (1) -

Morgans believes the current sharemarket weakness has created an opportunity to add to positions in Nanosonics. The broker revises up forecasts and increases terminal growth expectations, resulting in a higher price target.

First quarter results revealed record sales of $17.8m, up 18% on the prior quarter. This also marks the third consecutive quarter of positive cash flow. Target price rises to $3.66 from $3.04. Add recommendation retained.

Target price is $3.66 Current Price is $3.20 Difference: $0.46
If NAN meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates NEC as Upgrade to Outperform from Neutral (1) -

Credit Suisse believes it's time to properly evaluate the Stan subscription video-on-demand service.The broker believes Stan is on track for substantial profits in FY19 and investors will increasingly start to attribute value to the venture.

Stan is a strategic asset that the broker believes will attract multiple buyers at a higher valuation if it was ever for sale. Credit Suisse upgrades to Outperform from Neutral, believing there is minimal value for Stan factored into the share price. Target rises to $1.15 from $1.05.

Target price is $1.15 Current Price is $0.86 Difference: $0.295
If NEC meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates NHF as Neutral (3) -

Ignoring continued soft claims inflation in FY17 YTD, Citi analysts note nib has retained its guidance for underlying operating profit of $130-140m. Citi analysts retain their Neutral rating as well as the $4.70 price target.

Target price is $4.70 Current Price is $4.62 Difference: $0.08
If NHF meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NHF as Outperform (1) -

The company has updated on FY17 guidance. While group operating profit guidance is unchanged Macquarie observes claims inflation trends appear to be lower than previously expected.

Macquarie forecasts FY17 statutory operating profit of $133.6m, above the top of the guidance range of $122-132m. The broker retains an Outperform rating and $5.00 target.

Target price is $5.00 Current Price is $4.62 Difference: $0.38
If NHF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates NHF as Buy (1) -

The company has noted soft market conditions in FY17 but expects to deliver organic volume growth within a 4-5% range. The company is targeting Australian resident health insurance margins in the 5-6% range, reflecting what it believes is a more moderate and favourable claims environment.

Ord Minnett retains a Buy rating and $4.90 target, believing the stock offers close to double-digit underlying growth potential in the medium term.

Target price is $4.90 Current Price is $4.62 Difference: $0.28
If NHF meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NMT as Outperform (1) -

Commissioning of Mt Marion has commenced. Macquarie has updated its model to allow for the slight delay in expected production and the FY16 result.

The broker believes the company, in joint venture with Mineral Resources ((MIN)) and Ganfeng looks likely to be the first new entrant in the spodumene market. Yet the drive towards downstream processing is considered indicative of an expected reversion to pricing power returning to downstream processors.

Outperform rating and 40c target retained.

Target price is $0.40 Current Price is $0.36 Difference: $0.045
If NMT meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates ONT as Add (1) -

The company has further expanded in the Sydney dental market by acquiring two practices. Management considers the practices will provide scope and potential for further acquisitions.

A collaboration agreement has also been signed to provide patients who suffer from obstructive sleep apnoea with access to the Oventus range of products.

Morgans maintains a positive view on the stock and retains an Add rating and $7.94 target.

Target price is $7.94 Current Price is $7.45 Difference: $0.49
If ONT meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates ORI as Buy (1) -

Looking forward at Orica's FY16 report, which is expected to reveal a decline in core EPS to the tune of -9.7%, Citi analysts have been, and remain of the view, this company's profit cycle is at or near a cyclical bottom.

On this basis, the analysts observe the share price has recovered from its low this year, but they also believe there is a lot more recovery to be had. Buy. Target $17.00.

Target price is $17.00 Current Price is $15.90 Difference: $1.1
If ORI meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $15.11, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RWC as Upgrade to Accumulate from Hold (2) -

The share price has fallen 10.8% since the company delivered its FY16 result. Reliance is now trading with a 9.4% gap to the broker's target, which is considered too wide to ignore.

Hence, Ord Minnett raises its rating to Accumulate from Hold, while $3.15 price target retained.

Target price is $3.15 Current Price is $2.88 Difference: $0.27
If RWC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates S32 as Neutral (3) -

The company has noted that the issues at Illawarra Coal persist and the Appin Area 9 longwall has been temporarily suspended. Lower rates of production at Appin Area 7 will also result in an additional 500,000 tonnes in lost production and sales.

Credit Suisse notes this serves to tighten what is already a very tight coking coal market. Neutral retained. Target is $2.50.

Target price is $2.50 Current Price is $2.62 Difference: minus $0.12 (current price is over target).
If S32 meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.64, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SDA as Outperform (1) -

The company will acquire maritime and energy competitor Harris CapRock for US$425m, funded partly by an accelerated rights issue. The merger will create the largest player globally in the maritime and energy sector.

Macquarie believes the underlying demand for remote communications and bandwidth will continue to grow strongly in the medium term. Industry consolidation opportunities also support the broker's confidence in the stock.

Outperform retained. Target is raised to $5.30 from $4.42.

Target price is $5.30 Current Price is $3.93 Difference: $1.37
If SDA meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates VAH as Lighten (4) -

The company's loss in the first quarter and its cautious commentary suggests to Ord Minnett that the path to profitability will be bumpy. Virgin Australia reported an underlying loss before tax of $3.6m.

The broker retains a Lighten rating and 20c target, noting subdued trading conditions should come as little surprise to investors. The broker expects international operations will only contribute around 10% to group EBIT in FY17.

Target price is $0.20 Current Price is $0.23 Difference: minus $0.03 (current price is over target).
If VAH meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.23, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates VAH as Downgrade to Sell from Neutral (5) -

Virgin's Sep Q update showed a surprising fall into loss following last year's profit, breaking a consistently improving trend since mid-2014, UBS notes, and despite a lower fuel bill. Domestic revenues must have declined materially, the broker suggests, more so than Qantas' ((QAN)) 3%.

UBS has cut forecasts and notes an ongoing lack of dividend will not help sentiment, albeit a share price floor is provided through the five major shareholders holding a net 89%. Target falls to 19c from 25c. Downgrade to Sell.

Target price is $0.19 Current Price is $0.23 Difference: minus $0.04 (current price is over target).
If VAH meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.23, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates WHC as Upgrade to Outperform from Underperform (1) -

China is targeting a new range of thermal coal prices. State media has reported the negotiated medium to long-term contract price target is RMB535-540/tonne.This is around 20% lower than current prices, Credit Suisse observes, but well above recent price expectations.

RMB 540/tonne corresponds to a Newcastle export price of around US$75/tonne. The broker acknowledges it is doing an about-face, upgrading to Outperform from  Underperform, as the risks to Whitehaven's valuation from materially higher near-term prices are now too great. Target is lifted to $3.60 from $2.80.

Credit Suisse still believes in the longer term that China's thermal coal imports will decline.

Target price is $3.60 Current Price is $3.00 Difference: $0.6
If WHC meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates XRO as Hold (3) -

Xero has announced a restructure of its US operations, moving its headquarters to Denver from San Francisco. Deutsche Bank believes the restructure is necessary to curtail losses and support the push to break even by FY19.

The broker considers the stock is on track in Australasia and the UK, and there is potential in SE Asia, but remains unconvinced by the prospects in the US. Target falls to NZ$17.90 from NZ$18.00. Hold retained.

Current Price is $16.08. Target price not assessed.

Current consensus price target is $18.00, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources